(Source: Getty Images Bank)
SK Innovation Co. has sold its entire ownership in its US shale oil fields and their relevant facilities, in line with its parent group s efforts to scale back on oil and chemical operations to focus instead on electric vehicle batteries and other eco-friendly businesses.
The South Korean refinery and EV battery maker agreed with Texas-based BenchMark Energy Corp. in January of this year to sell the US assets for an undisclosed sum, SK said on Mar. 7. They are set to complete the transaction this month, which industry watchers estimate at several hundreds of million dollars.
The SK Group s arm acquired the US oil fields located in Oklahoma and Texas between 2014 and 2018 to secure crude oil at lower prices. In 2014, the company purchased stakes in oil fields in Crane County, Texas, as well as in Grant and Garfield Counties in Oklahoma. In 2018, it acquired the entire stake in US shale oil developer Longfellow Nemaha, including an interest in t
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